Fiscal and monetary policies have helped India in dodging the recession and sustaining the economy, the research arm of the rating agency Moody's said.
India's sovereign credit ratings do not reflect the economy's fundamentals, the Economic Survey said on Friday and nudged the global agencies to become more transparent and less subjective in their ratings. The Economic Survey 2020-21, tabled in Parliament, said that sovereign credit ratings methodology must be amended to reflect economies' ability and willingness to pay their debt obligations, and suggested that developing economies must come together to address this bias and subjectivity inherent in sovereign credit ratings methodology. "Never in the history of sovereign credit ratings has the fifth largest economy in the world been rated as the lowest rung of the investment-grade (BBB-/Baa3). While sovereign credit ratings do not reflect the Indian economy's fundamentals, noisy, opaque and biased credit ratings damage FPI flows," the survey said.
As India raised its pitch for upgrade of ratings from the current lowest investment grade, Atsi Sheth, vice-president and senior analyst, sovereign risk group, Moody's Investors Service, tells Business Standard that she does not foresee any movement from the current grade in the next 12-18 months.
Prasad, who played 33 Tests and 162 ODIs for India, is set to finish his three-year term as the junior India chief selector in September this year.
'There is a fiscal crisis building up, which might become apparent when the Finance Commission presents its report,' warns T N Ninan.
Growth forecast has been lowered owing to tepid growth in the first half of 2017-18, the lingering effects of demonetisation, transitory challenges of GST, and some risks to agriculture stemming from a spotty monsoon.
Indian companies will have to repay overseas debt worth $7.5 billion in the June quarter.
The Indian economy remains on track to regain its position as the world's fastest-growing major economy after official estimates on Friday put the expansion at a tempered 9.2 per cent this fiscal amid concerns over the impact of a resurgent virus on the fragile recovery. The growth in the gross domestic product (GDP) of 9.2 per cent in April 2021 to March 2022 fiscal (FY 2021-22) given by the National Statistical Office (NSO) in its first advance estimate compares with 9.5 per cent expansion forecast by the Reserve Bank of India (RBI) last month. The economy had contracted by 7.3 per cent in the previous financial year.
Ravi Shastri formally applies for India head coach job.
What has hit sentiment further is a draft proposal by the government to increase vehicle insurance premiums for financial year 2022-23 (FY23). Third-party motor insurance premiums have not been increased over the last two years and if this is approved, insurance costs for specific segments could rise by a fifth. The worst impacted is the 350cc and above two-wheeler segment, where premiums are up 21 per cent. Royal Enfield (Eicher Motor) is the market leader in the segment. The premiums in the 150-350cc two-wheeler category are also being inc
Rohit Sharma and Manish Pandey sparkled with half-centuries but rest of India's batsmen put up a lackluster performance before the bowlers came good to hand the team a 64-run win over a second string Western Australia XI in the warm-up one-day cricket match at the WACA, in Perth, on Saturday.
India has pipped China to become the world's fastest growing market, thanks to the various "innovative" ways such as infrastructure sharing and network management outsourcing adopted by it that has also helped telecom operators keep the service charge low, says a report.
Petrol and diesel prices were hiked by 80 paise a litre each on Wednesday, taking the total increase in rates in 16 days to Rs 10 per litre.
France on Friday announced an investment of 2 billion Euros in India as Prime Minister Narendra Modi invited French companies to pump in money in technology in the fastest growing economy.
India captain Virat Kohli had also made it clear that he and the team will be happy if Shastri was retained.
During a short halt at Tabriz airport in Iran on his way back home, Mukherjee gave Vrishti Beniwali a brief account of the summit, euro zone crisis and what it meant for India.
Equity benchmark Sensex rebounded 454 points on Thursday, boosted by gains in index heavyweight Reliance Industries amid a positive trend in global markets.
The rating agency said, rising COVID-19 cases in India will keep private spending and investment lower for longer.
The naming of India's new coach deferred with the Board of Control for Cricket in India's Cricket Advisory Committee announcing on Monday that the decision will take place on a future date after discussions with captain Virat Kohli.
'While we note the very strong cyclical recovery in the economy, we believe there is still uncertainty over medium-term prospects.'
Amid rupee sliding below 64 to a dollar, global agency Standard & Poor's on Tuesday said it will maintain negative outlook for the country as currency depreciation is adversely impacting investor confidence.
Moody's rates India's outlook at stable.
The world's biggest lockdown that shut a majority of the factories and businesses, suspended flights, stopped trains and restricted movement of vehicles and people, may have cost the Indian economy Rs 7-8 lakh crore during the 21-day period, analysts and industry bodies said.
IPO-bound mobility platform Ola, said it has successfully raised $500 million via a Term Loan B (TLB) from marquee international institutional investors. This term loan has no impact on the valuation of Bhavish Aggarwal-led Ola. The Bengaluru-based firm recently raised $139 million. This is part of a $1 billion funding round for which the company is in talks with investors, increasing its valuation to about $7.5 billion, according to the sources.
A look into 10 positive aspects of the Indian economy.
S&P Global Ratings on Thursday said the Indian economy is projected to grow at 11 per cent in the current fiscal, but flagged the "substantial" impact of broader lockdowns on the economy. In its report on Asia-Pacific Financial Institutions, S&P said the control of COVID-19 remains a key risk for the economy. New infections have spiked in recent weeks and the country is in the middle of a second pandemic wave.
Former England skipper Michael Vaughan on Thursday termed the non-selection of off-spinner Ravichandran Ashwin in the Indian lineup as "madness". "The non selection of @ashwinravi99 has to be greatest NON selection we have ever witnessed across 4 Tests in the UK !!! 413 Test wickets & 5 Test 100s !!!! #ENGvIND Madness," tweeted Vaughan.
This is the lowest investment grade rating.
There are various estimates of India's debt to GDP ratio, but the consensus is that that it would be over 80 per cent at the end of the current fiscal year.
However, the Indian economy is expected to bounce back in 2021, the World Bank said.
Flush with liquidity, banks are eager to lend. And, therein lies the problem, warns Tamal Bandyopadhyay.
The scrip was the worst hit among the front-line companies on both the indices during the day.
The Russian-Ukraine war can hit the global supply chains that are already constrained due to the pandemic and the worst impact will be on ongoing chip shortage because the warring nations brutally control supplies of key raw materials that go into making semiconductors, warns a report. Since Russia controls as much as 44 per cent of global palladium suppplies, Ukraine produces a significant 70 per cent of the global supply of neon -- the two key raw materials that go into making chips. The markets can expect the global chip shortage, that began with the pandemic, to worsen if the military conflict lingers on, says a Moody's Analytics report on Friday.
With the government emerging victorious in the confidence motion, the country would be signing the civilian nuclear deal with the US which has the potential to significantly boost India's nuclear energy production, says a report by Moody's economy.com.
'They need to click as a group, not as batsmen or bowlers.'
A bleak demand outlook for steel in the domestic as well as global market is also another reason Tata Steel may be looking to have additional liquidity as margins are expected to take a hit in the coming quarters.
Former Australia fast bowler Craig McDermott has applied for the post of India head coach, which will become vacant after the ongoing Champions Trophy campaign.
A dossier will be given to the FATF, an international terror financing watchdog.
Former captain Sunil Gavaskar feels his ex-teammate Ravi Shastri is the favourite to become the head coach of the Indian cricket team based on the team's impressive showing during his two-year tenure as the team director.
On Wednesday, the finance minister expressed concern about the high fiscal deficit of about 6.8 per cent this year. He said some international rating agencies -- S&P, Moody's and others -- can think of downgrading India.
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